When you purchase an apartment or unit (a ‘lot’), you automatically become part of the Owners Corporation for your building.
An Owners Corporation is the legal entity given to the group of all lot owners within a strata scheme.
In some states the Owners Corporation can be called the Body Corporate or a Corporation.
The Owners Corporation is responsible for the overall management of the strata scheme. This includes managing finances, arranging insurance, conforming to strata law and strata rules (by-laws), record keeping, ongoing maintenance and managing repairs of common property.
As a lot owner, and part of the Owners Corporation, you share the ownership and responsibilities of common property with other owners in the scheme.
It also means you have the right to take part in your scheme’s decision making and influence how your community functions.
The Owners Corporation should hold regular meetings to discuss the scheme’s management and decide on a course of action to manage tasks required.